How to manually report options credit spreads in turbotax where the form only shows profit or loss realized in closed contracts?
Note: Turbotax is not picking this 1099-b form up automatically.
For each leg/line item, should total proceeds be the value under profit if positive. If positive, the cost basis as zero? Whereas, if negative, the total proceeds zero and the cost basis the negative value as a positive number?
For example, here's a zero days to expiration credit spread in my 1099b
Option symbol, Profit or loss realized on closed contract
XSP 08/28/2024 563.00 C, $ 38.68
XSP 08/28/2024 564.00 C $ (18.32)
Should the first sale be:
total proceeds: 38.68
cost basis: 0
Should the second sale be
total proceeds:0
cost basis: 18.32
Where in that one credit spread i made 38.68 - 18.32 = 20.36
posted
last updated
April 27, 2025
4:26 PM